[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5961 Reported in House (RH)]
<DOC>
Union Calendar No. 218
118th CONGRESS
1st Session
H. R. 5961
[Report No. 118-270, Part I]
To freeze certain Iranian funds involved in the 2023 hostage deal
between the United States and Iran, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 16, 2023
Mr. McCaul (for himself, Mr. Scalise, Ms. Stefanik, Mr. Wilson of South
Carolina, Mrs. Rodgers of Washington, Mr. Barr, Mr. Burchett, Mrs.
Wagner, Ms. Salazar, Mr. Kean of New Jersey, Mr. Baird, Mr. Smith of
New Jersey, Mr. Issa, Mr. Moran, Mr. James, Mr. Waltz, Mr. Self, Mrs.
Radewagen, Mr. Mast, Mr. McCormick, Mrs. Kim of California, Mr. Buck,
Mr. Mills, Mr. Huizenga, Mr. Jackson of Texas, and Mr. Lawler)
introduced the following bill
October 25, 2023
Referred to the Committee on Foreign Affairs
November 9, 2023
Additional sponsors: Mrs. Gonzalez-Colon, Mr. Green of Tennessee, Mr.
Johnson of South Dakota, Mr. Kiley, Mr. Moolenaar, Mr. Fitzpatrick, Ms.
De La Cruz, Mrs. Houchin, and Mr. Guthrie
November 9, 2023
Reported with an amendment and referred to the Committee on Financial
Services for a period ending not later than November 9, 2023, for
consideration of such provisions of the bill and amendment as fall
within the jurisdiction of that committee pursuant to clause 1(h) of
rule X
[Insert the part printed in italic]
November 9, 2023
Committee on Financial Services discharged; committed to the Committee
of the Whole House on the State of the Union and ordered to be printed
_______________________________________________________________________
A BILL
To freeze certain Iranian funds involved in the 2023 hostage deal
between the United States and Iran, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``No Funds for Iranian Terrorism
Act''.
SEC. 2. FINDINGS.
Congress makes the following findings:
(1) On October 7, 2023, Iran-backed Hamas terrorists
launched a massive, unprovoked war on Israel by air, land, and
sea, in which they engaged in the brutal murder of over 1,300
people and kidnapped 130 people who are now being held hostage.
(2) Hamas, Palestinian Islamic Jihad, and Hezbollah have
all been designated by the United States as Foreign Terrorist
Organizations pursuant to section 219 of the Immigration and
Nationality Act (8 U.S.C. 1189).
(3) According to an unclassified United States government
assessment, ``Iran has historically provided up to $100 million
annually in combined support to Palestinian terrorist groups,
including Hamas, Palestinian Islamic Jihad (PIJ), and the
Popular Front for the Liberation of Palestine-General
Command.''.
(4) As National Security Advisor Jake Sullivan stated on
October 10, 2023, ``Iran is complicit in this attack in a broad
sense because they have provided the lion's share of the
funding for the military wing of Hamas, they have provided
training, they have provided capabilities, they have provided
support, and they have provided engagement and contact with
Hamas over years and years.''.
(5) President Biden reached an agreement with the Iranian
regime to bring home Siamak Namazi, Morad Tahbaz, Emad Shargi,
and two additional American hostages all of whom were
wrongfully detained in Iran.
SEC. 3. IMPOSITION OF SANCTIONS WITH RESPECT TO COVERED IRANIAN ASSETS.
(a) In General.--On and after the date of the enactment of this
Act, the President shall impose the sanction described in subsection
(c) with respect to each foreign financial institution and each
international financial institution that the President determines
engages in an activity described in subsection (b).
(b) Activities Described.--A foreign financial institution or
international financial institution engages in an activity described in
this subsection if the institution processes, participates in, or
facilitates a transaction using or involving covered Iranian funds.
(c) Blocking of Property.--The sanction described in this
subsection is the exercise of all of the powers granted to the
President under the International Emergency Economic Powers Act (50
U.S.C. 1701 et seq.) to the extent necessary to block and prohibit all
transactions in property and interests in property of a foreign
financial institution or international financial institution described
in subsection (a) if such property and interests in property are in the
United States, come within the United States, or are or come within the
possession or control of a United States person.
(d) Penalties.--The penalties provided for in subsections (b) and
(c) of section 206 of the International Emergency Economic Powers Act
(50 U.S.C. 1705) shall apply to a person that violates, attempts to
violate, conspires to violate, or causes a violation of this section or
any regulations promulgated to carry out this section to the same
extent that such penalties apply to a person that commits an unlawful
act described in section 206(a) of that Act.
(e) Termination of Sanctions.--The President shall not be required
to impose sanctions under this section with respect to a foreign
financial institution or international financial institution described
in subsection (a) if the President certifies in writing to the
appropriate congressional committees that the Government of Iran--
(1) no longer repeatedly provides support for international
terrorism as determined by the Secretary of State pursuant to--
(A) section 1754(c)(1)(A) of the Export Control
Reform Act of 2018 (50 U.S.C. 4318(c)(1)(A));
(B) section 620A of the Foreign Assistance Act of
1961 (22 U.S.C. 2371);
(C) section 40 of the Arms Export Control Act (22
U.S.C. 2780); or
(D) any other provision of law; and
(2) has ceased the pursuit, acquisition, and development
of, and verifiably dismantled its, nuclear, biological, and
chemical weapons and ballistic missiles and ballistic missile
launch technology.
SEC. 4. DEFINITIONS.
In this Act:
(1) Appropriate congressional committees.--The term
``appropriate congressional committees'' means--
(A) the Committee on Foreign Affairs and the
Committee on Financial Services of the House of
Representatives; and
(B) the Committee on Foreign Relations and the
Committee on Banking, Housing, and Urban Affairs of the
Senate.
(2) Covered iranian funds.--The term ``covered Iranian
funds'' means any funds transferred from accounts in the
Republic of Korea to Qatar pursuant to or under the authority
or guaranty of a waiver, license, assurance letter, or other
guidance issued pursuant to or in furtherance of the waiver
determination made pursuant to sections 1244(i) (22 U.S.C.
8803(i)) and 1247(f) of the Iran Freedom and Counter-
Proliferation Act of 2012 (22 U.S.C. 8806(f)) and section
1245(d)(5) of the National Defense Authorization Act for Fiscal
Year 2012 (22 U.S.C. 8513a(d)(5)) that is the subject of the
document entitled ``Waiver of Sanctions with Respect to the
Transfer of Funds from the Republic of Korea to Qatar'' and was
transmitted to Congress in September 2023.
(3) Foreign financial institution.--The term ``foreign
financial institution'' has the meaning given such term under
section 561.308 of title 31, Code of Federal Regulations.
(4) International financial institution.--The term
``international financial institution'' has the meaning given
such term in section 1701(c) of the International Financial
Institutions Act (22 U.S.C. 262r(c)).
Union Calendar No. 218
118th CONGRESS
1st Session
H. R. 5961
[Report No. 118-270, Part I]
_______________________________________________________________________
A BILL
To freeze certain Iranian funds involved in the 2023 hostage deal
between the United States and Iran, and for other purposes.
_______________________________________________________________________
November 9, 2023
Reported with an amendment and referred to the Committee on Financial
Services for a period ending not later than November 9, 2023, for
consideration of such provisions of the bill and amendment as fall
within the jurisdiction of that committee pursuant to clause 1(h) of
rule X
November 9, 2023
Committee on Financial Services discharged; committed to the Committee
of the Whole House on the State of the Union and ordered to be printed